Australia’s largest insurer partners with Socotra to power newly-launched direct-to-consumer product
Socotra’s modern core technology enabled IAG to go from concept to production in ten months
SAN FRANCISCO, June 01, 2020 (GLOBE NEWSWIRE) — IAG, Australia’s largest general insurer, has announced that Socotra’s core platform is powering its recently-launched Poncho Insurance brand and new auto insurance product.
Poncho Insurance was developed in 2019 by IAG Satellite to help Australians protect against the unexpected with an easier, simpler and more flexible car insurance product. IAG Satellite was formed to serve fast-growing customer segments for IAG, both through an existing portfolio of brands and by creating a new accelerator model to fast-track scaled-up innovation.
Socotra is an API-driven and cloud-native platform which provided IAG with the agility needed to build a product on-budget and with an accelerated timeframe. Socotra was able to offer IAG a tailor-made solution to create a multi-car, multi-driver monthly auto insurance product, that works in a similar way to a monthly subscription, and that could be purchased online.
Poncho’s user-friendly digital platform, powered by Socotra, makes buying insurance less daunting by allowing customers to buy monthly car insurance policies instead of the traditional annual policies. Policyholders can also change or cancel their coverage as needed online without incurring traditional cancellation fees.
Socotra’s platform has helped IAG drive business continuity, at a time when customers cannot easily leave their homes. Poncho’s self-service model has also minimised the reliance on more traditional customer service channels while increasing operational efficiencies. This new model was enabled by the adoption of a series of new technologies, including Socotra.
IAG Satellite Executive Manager Phil Wilson-Brown said the partnership with Socotra has enabled them to deliver an innovative insurance service through Poncho Insurance.
“With Socotra, we were able to develop Poncho Insurance, a unique customer proposition for comprehensive car insurance in the Australian market, in a short timeframe. The platform is super flexible and low-cost allowing us to continually improve the product and deliver it at a great price to customers. We’re excited to further leverage this partnership as we look to expand our customer offerings.”
IAG recently won an Innovation Execution award for Poncho Insurance at the Celent 2020 Model Insurer awards. Celent, a leading financial services research and advisory firm, awards companies for the innovative development of technology best practices in different areas critical to business success.
“We’re pleased that IAG has chosen Socotra to power its vision for transforming insurance,” said Socotra CEO and Founder Dan Woods. “This partnership integrates technology and product design to make affordable, accessible, and self-serve insurance products. We look forward to continue partnering with IAG as they use Socotra’s platform to deliver new and innovative products.”
Notes to editors
About Poncho Insurance
- Poncho Insurance offers a monthly policy, with an easy monthly charge and no cancellation fees, similar to a monthly subscription, created to offer customers a simple and flexible insurance product for their changing needs.
- One policy can cover multiple cars and multiple drivers, and cars and drivers can be added and removed on a flexible, month-to-month basis.
- Other benefits for customers include alternative transport or car hire options when a customer’s car is being repaired or recovered; a transparent independent car valuation model; a user-friendly PDS as well as a visual product guide which is designed to make it easier for customers to understand what’s covered and be more accessible for everyone.
- To learn more about IAG Satellite’s innovative new Poncho Insurance, please visit https://ponchoinsurance.com.au/.
About Socotra
Founded in 2014 and based in San Francisco, Socotra is a modern, enterprise-grade core system that enables global insurers to accelerate product development, reduce maintenance costs, and improve customer experiences. Socotra is trusted by insurers to provide them with modern technology to rapidly develop products that better serve their customers and manage their existing book of business. Socotra’s flexible, radically open, cloud-native solution unifies underwriting, rating, policy management, claims, billing, reporting, and more. To learn more, visit www.socotra.com.
About IAG
IAG is the parent company of a general insurance group with controlled operations in Australia and New Zealand.
The Group’s businesses underwrite over AUD 12 billion of premium per annum, selling insurance under many leading brands, including: NRMA Insurance, CGU, SGIO, SGIC, Swann Insurance and WFI (Australia); and NZI, State, AMI and Lumley (New Zealand). IAG also has an interest in a general insurance joint venture in Malaysia. For further information, please visit www.iag.com.au.
Media Contact
Zara Andrabi
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